- 24 -
4. Ira and Helen Selvin
Petitioners Ira and Helen Selvin (the Selvins) resided in
Roslyn Estates, New York, when their petition was filed. Ira
Selvin (Selvin) received a B.S. degree from New York University
School of Commerce. Excluding his active service in the U.S.
Army during World Wars I and II, Selvin has practiced accounting
for his entire career until he retired in approximately 1980. He
was a sole practitioner for 30-35 years and serviced many clients
in the garment industry. Selvin eventually turned his practice
over to the accounting firm of Cooper, Selvin & Strasburg.
Although it maintained an office for him, Selvin never actively
worked for that firm. On their joint 1981 Federal income tax
return, the Selvins reported gross income from interest,
dividends, capital gains, pensions or annuities, and other
sources in excess of $172,000.
In 1981 Selvin acquired an interest in Scarborough as a
nominee on behalf of himself and other members of his accounting
firm (hereinafter "the Selvin group"). The Selvin group invested
$180,000 for an 18.27-percent interest in Scarborough. The
amount of Selvin's share in Scarborough is not entirely clear
from the record in docket No. 10147-91. Selvin stated that he
invested $30,000 in Scarborough, which is the equivalent of a
3.05-percent interest (30,000/180,000 = 16.67 percent; .1667 x
.1827 = 3.05 percent). However, the Selvins claimed $44,626 of
Page: Previous 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 NextLast modified: May 25, 2011